Spain property sales boom to levels not seen since before bubble burst in 2008

SPAIN registered the highest number of house sales in over 13 years for the month of July, according to data published on Wednesday.

More than 50,200 homes were sold in July, 53% more than in the same month in 2020, according to the latest stats from the National Statistics Institute.

Experts believe the boom is partly down to pent-up pandemic demand after almost a year of slow sales because of economic uncertainty and mobility restrictions.

But the pandemic also led to increased household savings by many as well as opportunity to rethink living priorities.

The July sale figures were 4% above pre-pandemic levels and close to matching the record sales seen during the peak of the real-estate boom when in April 2008, 55,000 houses were sold.

Later that year, after a decade long housing boom, Spain’s construction bubble spectacularly burst plunging the nation into deep recession when unemployment soared above 23%.

This time round sales are driven by those wanting more outdoor space and shifts from urban centres to suburban zones as working from home becomes more popular.


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